ABG Sundal Collier acted as sole manager for a NOK/SEK 5,050m senior secured bond issue, in connection with Nordax Bank’s acquisition of Bank Norwegian

On 18 October 2021, Cidron Romanov Limited, a company owned and controlled by funds advised by Nordic Capital, successfully issued senior secured bonds split in tranches of NOK 2,500m and a SEK 2,550m. The proceeds were used to partly finance the equity contribution from Nordic Capital to Nordax Bank, in connection with Nordax Bank’s NOK 19.6bn acquisition of all the outstanding shares in Bank Norwegian ASA. The bonds have a 1 st lien pledge in Nordic Capital’s shares in Nordax Holding (corresponding to approx. ~79% of the shares).
The bond issue was guaranteed by a consortium led by ABG Sundal Collier in May 2021, prior to when Nordax announced their revised voluntary offer for Bank Norwegian. The bond received strong interest from a broad range of high-quality Nordic and international investors. Following announcement of the bond issue, ABG Sundal Collier acted as manager and bookrunner for a secondary block trade of approximately NOK 300m, through an accelerated book building process.